Ferrari closes in on $100 billion market value on order strength
Reuters
Published Feb 01, 2024 09:56AM ET
MILAN (Reuters) - Shares in Ferrari (NYSE:RACE) hit fresh record highs on Thursday, driving the luxury sports car maker's market value closer to the $100 billion mark after the Italian group predicted strong orders would deliver more growth.
Chief Executive Bendetto Vigna said the "exceptional visibility" in the company's order book would allow it "to look at the high-end of 2026 targets with stronger confidence". Ferrari also forecast growth in revenues and earnings this year, reassuring investors who feared a conservative outlook.
That sent Ferrari shares to new lifetime peaks both in Milan and New York.
By 1445 GMT, the stock was up over 9% in Milan. That brought year-to-date gains to 13.1%, firming the stock's position among the top on a pan-European equity gauge. Rival Porsche's shares are unchanged this year.
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Written By: Reuters
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